EBK ECONOMICS TODAY
18th Edition
ISBN: 9780133920116
Author: Miller
Publisher: YUZU
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Chapter 32, Problem 2CTQ
To determine
Reason for non-U.S. flower growers to have a
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The United States has an absolute advantage in producing sugar over all of the other sugar producing countries. Does this fact mean that we should not import any sugar from the other countries?
Happyland can produce 40 tones of marshmallows or 20 tones of chocolate in a year. Friendshipland can produce 80 tones of marshmallows or 40 tones of chocolate in a year. Can these countries benefit from trade with each other based on specialization and comparative advantage?
Yes
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Based on Comparative advantage, what factors have helped the united states to become the world's leading exporter of movies, books and popular music?
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- Which country has comparative advantage in the production of washing machines and automobiles?arrow_forwardIf the United States produces 8 automobiles and Canada produces 4 automobiles and the United States produces 8 units of lumber and Canada produces 2 units of lumber, which country has comparative advantage,if any, in producing automobiles?arrow_forwardWhich country has a comparative advantage in the production of wine?arrow_forward
- American worker takes 20 hours to produce one computer and 300 hours to produce an RV. A Japanese worker takes 30 hours to produce one computer and 450 Hours to produce an RV. Which country has a comparative advantage in what product? Why?arrow_forwardHow can you say that a country participates in the global market?arrow_forwardThe table shows the maximum amount of production if all productive capacity in each country is devoted entirely to either of the two products. If each country specializes in its comparative advantage product (you have to figure out that first) and then agrees to trade 2 units of bread for 6 units of cheese, how much will Spain consume? Cheese Bread England 40 10 Spain 10 5arrow_forward
- American firms outsource many jobs to other, lower cost countries. How can this outsourcing actually lead to increased employment here in the USA? How can there be any economic gains for a country from both importing and exporting the same good, like cars?arrow_forwardWhy Japan is dependent on food import?arrow_forwardEvaluate the following statement: "Canada has an absolute advantage in growing wheat. Therefore, it must have a comparative advantage in growing wheat.arrow_forward
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